Virgin Money’s changes include purchase options with £300 cashback, such as a five-year fixed rate at 75% loan to value (LTV) with an £895 fee, priced at 4.56%. 

The equivalent option at 80% LTV has a rate of 4.64%. 

The lender has also released fee-free options, both fixed for five years, at 75% and 80% LTV priced at 4.66% and 4.8% respectively. 

Virgin Money has added remortgage products with a free valuation and legals. 

There is a two-year fix at 80% LTV with a £895 fee and a rate of 5.39%, and the five-year fixed option has a rate of 4.84%. 

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For options without a fee at the same tier, the two-year fix has a rate of 5.84% and the five-year fix is priced at 5.12%. 

 

Rate changes

The lender has also adjusted select rates, such as Fix and Switch purchase deals, which have gone up by 0.1% and start from 5.34%. 

Its two-year fixed Own New deals at 90% LTV have been increased by 0.05% and start from 2.78%. 

At 90% LTV, Virgin Money has increased two-year fixed offerings with a £995 fee by 0.05% to start from 5.44%, and fee-free two-year fixes at 95% LTV have seen rate increases of 0.1% and begin at 5.94%. 

BTL deals with a 3% fee have fallen in rate by 0.02% and start from 4.03%. Select five-year fixes for BTL borrowers with a 1% fee have also been lowered by 0.02% and now start from 4.67%. 

Virgin Money has also withdrawn an exclusive purchase deal with no fee at 90% LTV. This was fixed for five years and had a rate of 5%. 

Virgin Money’s latest financial results, covering the Q2 period, showed the value of its mortgage book totalled £56.6bn.

Last week, the Competition and Markets Authority (CMA) revealed it launched a probe into the possible merger between Virgin Money and Nationwide, to determine whether this would reduce competition for consumers.